SunEdison Eyes $600 Million Wind Energy Buyout In India
SunEdison, which controls the world’s largest renewable energy capacity, is planning to expand its footprint in India through a massive wind energy acquisition.
Continuum Wind Energy, an independent power producer in India, is on the acquisition radar for SunEdison. The US-based project developer plans to buy out Continuum Wind Energy for up to $600 million in an effort to expand its footprint in the wind energy market in India. Continuum Wind Energy currently has a portfolio of 1,000 MW capacity, including 145 MW of operational and 270 MW of under-contract capacity. The majority shareholder in the company is Morgan Stanley Infrastructure Partners.
SunEdison committed to the largest renewable energy expansion during India’s first-ever international renewable energy investors summit in February. The company plans to add 15.2 GW of renewable energy capacity — 10 GW solar power and 5.2 GW wind energy — over the next 7 years. SunEdison has already signed an agreement with the state government of Rajasthan to develop 5 GW of solar energy capacity over the next 5 years. In a similar deal with the southern state of Karnataka, the company plans to install 5 GW of wind and solar power capacity over the next 5 years.
India plans to add around 140 GW of renewable energy capacity over the next 7 years. Apart from the capacity addition targets, SunEdison has already announced plans to invest in India’s largest solar modules manufacturing facility, worth $4 billion. In addition, earlier this year, SunEdison acquired 100 MW wind energy projects in India from Spain’s FersaEnergias Renovables SA.
Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here.
CleanTechnica Holiday Wish Book
Our Latest EVObsession Video
CleanTechnica uses affiliate links. See our policy here.
Plans to add 5 GWs in 5 years and 15.2 GWs in 7 years. That is a lot of motion in the last two years. But compound growth! Building the ability to add capacity. Nice to see companies talking in GWs now. Wasn’t that long ago that it was reserved for countries.